Ethereum Hardfork Constantinople Implemented

As reported, the protocol update went smoothly, without any surprises
01 March 2019   535

Yesterday, on February 28, on block # 7280000, Constantinople update was implemented for Ethereum cryptocurrency.

19.9% ​​of the total number of Geth clients use the new software version. 32.6% of Parity customers also installed the software version compatible with Constantinople. Overall readiness for hard forks was 22.1%. According to Trustnodes, the protocol update went smoothly, without surprises.

Simultaneously with Constantinople in the Ethereum network, the hardfork Petersburg is activated. Its task is to disable the EIP-1283 protocol, in which vulnerabilities such as Reentrancy were identified. It is because of them and the upgrade was canceled in January.

The daily issue volume will now be at the level of 13,400 ETH, the block mining time will be 14 seconds, and the reward will be reduced from 3 to 2 ETH (EIP 1234). Ethereum inflation rate will be about 4%.

Constantinople is the second stage of Metropolis hardfork (the first is Byzantium, which lowered the unit award from 5 to 3 ETH). Other changes in the Ethereum network include:

  • EIP 145 - improving the efficiency and speed of the blockchain by adding Bitwise switching mechanisms to the Ethereum virtual machine;
  • EIP 1052 — improving network usability for developing smart contracts and simplifying certain operations in Ethereum code.

Among other things, the update optimizes the use of gas in the network and creates the conditions for the activation of the Casper protocol, which will translate Ethereum to a hybrid PoW / PoS consensus algorithm.

Initially, activation of Constantinople was to be held last fall, but each time before the update of the protocol, the developers had found different bugs. The final activation date was agreed on January 18th.

dOrg to Become The First DAO With Legal Status in US

DAO is a company in which the centralized leadership and hierarchy is replaced by a smart contract
13 June 2019   200

The decentralized autonomous organization (DAO) dOrg based on the DAOstack framework registered dOrg LLC in Vermont, USA. This was the first precedent in the United States, according to law firm Gravel & Shea.

According to the company, the blockchain-based limited liability company (BBLLC) has a legal status, which allows it to enter into agreements and protect the interests of participants in accordance with applicable law.

Note that a DAO is a company in which the centralized leadership and hierarchy is replaced by a smart contract. Decisions in such organizations are made by voting by the participants, which provides consensus.

dOrg asked us to help design a DAO legal wrapper after discovering the potential of BBLLCs. We believe that dOrg is now the first legal entity that directly references blockchain code as its source of governance. Its material operations and ownership interests are managed entirely on-chain.

Oliver Goodenough

Law professor, Vermont Law School and special counsel, Gravel & Shea

dOrg believes that they have made the first step in integrating the DAO format into the existing economy.

Some time ago, Moloch DAO attracted 1000 ETH from Vitalik Buterin, Joseph Lubin, start-up ConsenSys and non-profit organization Ethereum Foundation.